OCC / FCRA – 16. Can a bank be a consumer reporting agency?

Compliance > FCRA
Q:  Can a bank be a consumer reporting agency?
A:  Yes. If the bank regularly furnishes information in its files about a consumer, other than information solely about its transactions or experiences with the consumer, it may be considered a consumer reporting agency. A consumer reporting agency is any entity that, for monetary fees or dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers to furnish consumer reports to third parties, and that uses any means or facility of interstate commerce to prepare or furnish consumer reports (16 CFR 603(d) and (f)).
This Q&A was obtained from the Comptroller’s Handbook on Fair Credit Reporting that may be found here:  https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/fair-credit-reporting/index-fair-credit-reporting.html

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